Legal Question in Credit and Debt Law in California

Big Truck Big Payment

I owe 20000.00 on a pickup that is only worth 11500.00 as a trade in. My question is, should I do a voluntary respossession and risk being sued for the deficit? Also, if the vehicle cannot be found to be repossessed and no payments are made, what legal action can the loan company take?


Asked on 5/25/06, 6:00 pm

1 Answer from Attorneys
Robert F. Cohen Law Office of Robert F. Cohen

Re: Big Truck Big Payment

I would suspect that the loan company would prefer money rather than the devalued truck. It could sue you for the amount left on the loan, plus interest and -- likely -- attorney's fees. Then, when it obtains a judgment, it could attach your wages and bank accounts, put a lien on your house, and make your life miserable. Perhaps you should talk to the lender and work something out, or sell the truck and pay off the loan.

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Answered on 5/25/06, 6:05 pm


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